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Italian restaurant chain Bertucci is closing more locations after submission Bankruptcy again Reduce losses.
The Massachusetts-based business, which is located along the East Coast, is best known for its brick oven pizza and pasta, filed for Chapter 11 bankruptcy protection in Florida last week. It marked the chain’s third bankruptcy since 2018.
Bertucci has closed seven of its low performance locations. 5 in Massachusetts, 1 in Rhode Island, 1 Maryland. It currently operates 15 restaurant locations in six states, according to court documents.
Files of restaurant chain Bertucci for bankruptcy protection
According to the bankruptcy filing on April 24, Italian restaurant chain Bertucci’s filed for its third bankruptcy since 2018. (WFXT)
The company cited “deterioration” of US Economy According to the submission, the reason restaurant chains are at a loss is “lack of consumer demand for legacy casual dining brands.”
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“The last straw of proverbs fell as losses accumulate, inflation pressures still high and industry headwinds stand out. [Bertucci’s] This year, the world has seen an increasing cost of food, slower consumer spending, and a declining (and declining) global economy,” the bankruptcy document states.
According to filing, Bertucci has assets and liabilities between $10 million and $50 million.
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Restaurant chains hope that bankruptcy will provide a “breathing spell” to their businesses, so they can “determine the best path and develop an overall reorganization plan.”
in April 2018Bertucci filed for Chapter 11 bankruptcy protection and closed 15 restaurants. Among the challenges raised by December 2022 COVID-19 Pandemic The filing declared that it had streamlined bankruptcy to 23 locations, similar to the closure of restaurants and inflation.
Bertucci filed for bankruptcy earlier in 2018 and 2022. (WFXT)
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Bertucci did not respond to a request for Fox Business’s comment.
